A process for the polymerization of olefins carried out in a gas-phase reactor having interconnected polymerization zones, where the growing polymer particles flow upward through a first polymerization zone (riser) under fast fluidization or transport conditions, leave said riser and enter a second polymerization zone (downcomer) through which they flow downward under the action of gravity, leave said downcomer and are reintroduced into the riser, a gas recycle stream being withdrawn from said first polymerization zone, subjected to cooling below its dew point and then returned to said first polymerization zone, the process being characterized in that said gas recycle stream is cooled at a temperature Tc ranging from 0.05° C. to 3° C. below its dew point.